We Sent a Man to the Moon. We Can Send the Dollar to Cyberspace

Washington should edge out rivals with a regulated platform for trading greenbacks via blockchain.

Set against highlights from the Apollo 11 moon landing mission, science historian James Burke says "my phone could take Apollo 11 to the moon and back, compared with the computer they had on board at the time." Image: NASA/AFP/Getty

By
J. Christopher Giancarlo and
Daniel Gorfine

Oct. 15, 2019 6:52 pm ET

America was complacent about its technological dominance until the Soviets’ 1957 Sputnik launch woke us up. Recent developments in digital currencies similarly threaten the dollar’s dominance, and Washington policy makers are taking notice.

Significant actors, including central banks and social-media platforms, may launch new currencies in the next few years. As their networks grow, they could eventually erode the dollar’s status as the most popular currency for international exchange. Incidents like the attempts of foreign...